Pharmaceutical giant Pfizer to buy biotech firm Seagen

KARAH RUCKER: PFIZER HAS AGREED TO BUY BIOTECH FIRM SEAGEN FOR 43 BILLION DOLLARS. THE PHARMACEUTICAL’S CEO SAID PFIZER IS “DEPLOYING FINANCIAL RESOURCES TO ADVANCE THE FIGHT AGAINST CANCER.”

SEAGEN IS A LEADING RESEARCHER AND DEVELOPER IN CANCER TREATMENTS – PRODUCING SEVERAL CANCER DRUGS THAT ARE ABLE TO TARGET TUMORS AND HIT THEM WITH A TOXIC AGENT. 

SEAGEN CURRENTLY HAS NINE STUDIES UNDERWAY EXPLORING DIFFERENT IMMUNOTHERAPIES TO FIGHT CANCER. SOMETHING PFIZER WILL ACQUIRE AND EXPAND IF THE DEAL OBTAINS SHAREHOLDER AND FEDERAL APPROVALS.

IF ALL GOES RIGHT – PFIZER EXPECTS THE ACQUISITION TO BE COMPLETE BY THE END OF THIS YEAR. SEAGEN IS A GROWING COMPANY — EXPECTED TO INCREASE ITS REVENUE THIS YEAR BY 12 PERCENT AT 2.2 BILLION DOLLARS. PFIZER WILL GO INTO DEBT AND DIP INTO CASH IN ORDER TO FINANCE THE 43 BILLION DOLLAR TRANSACTION…BUT PROJECTS A 10 BILLION DOLLAR PROFIT BY 2030.